Starting Single Doesn't Necessarily Mean Staying Single

Singlehood is a distinct honor -- a time when you can serve causes without limitation. But many of us desire lasting companionship, even as we try to engage in our life's calling.

As a single person, would you buy a 1-bedroom apartment if you have hopes of getting married and starting a family one day?

“Why would I?” you might ask.

Most likely you and your future spouse would quickly outgrow the 1-bedroom apartment. Right?

Then, if you are blessed to have a child or adopt one (or 2 or 3...), that 1-bedroom apartment would be completely inadequate. Right?

So why would you even consider buying a 1-bedroom apartment unless your plan was to stay single for life?

The answer is equity. Owning a 1-bedroom apartment may give you the opportunity to build "home equity." That would make it a smart investment. And when you're ready to sell it, you can use the profit toward purchasing something larger with your loved ones.

As an apartment owner you can also benefit from certain other advantages that come with home ownership, such as:

• Being able to deduct some or all of your mortgage interest on your tax returns.
• Being able to deduct a portion of your housing expenses as a business expense if you use your apartment as a home office for your business or side hustle.
• Being shielded from increases in the rental market.

A 1-bedroom apartment certainly can be a financial asset for you in the near-term and the long-term. But if you can afford to own a 2-bedroom or larger apartment as a single person, then go for it!

Ask a Friend:

In your circle, would buying an apartment as a single person be considered "leveling up" or "settling down"?